Rod Garratt holds the Maxwell C. and Mary Pellish Chair in Economics at the University of California Santa Barbara. He has served as a Technical Advisor to the Bank for International Settlements, a Research Advisor to the Bank of England and is a former Vice President of the Federal Reserve Bank of New York.
Website: https://econ.ucsb.edu/people/faculty/rod-garratt
Paper: https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=3583949
Abstract: In a market where consumers choose between payment options, and firms compete with products and prices, we show that payment data drives the formation of a market monopoly. A data sharing policy can successfully restore and maintain a competitive market, but often at the expense of both efficiency and consumer welfare. The introduction of a privacy-preserving central bank digital currency (CBDC), or digital cash, preserves the market structure and improves consumers’ welfare by enabling them to monetize their private information.
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